INTERMEDIATE CREDITS

Evening Star, Issue 21667, 12 March 1934, Page 8

INTERMEDIATE CREDITS

ROTARY'S SUGGESTION IMPOSSIBLE NO POWER TO ISSUE LONG-TERM BONDS [Fee United Press Association.] WELLINGTON. March 12. At a meeting of the Rural Intermediate Credits Board the commissioner brought before the board a newspaper report of recommendations made to the recent conference of Rotary clubs at New Plymouth by a special committee. This committee had recommended that provision be made to enable the board to issue long-term credit bonds upon corporate security and to assist the Government in land development and the placing of unemployed men on the land. As the boai'd was established to provide intermediate credit (which is credit for a period not exceeding five years), it was clear that the committee’s suggestion for the issue of longterm credit by the board could not be adopted. The commissioner reported that it was apparent, notwithstanding tho publicity already undertaken by the board, that there was scope for further development. Ho said the views of district organisations, consisting of district boards and rural intermediate credit associations were being obtained through tho board’s representatives, and it was hoped to have prepared for submission to next meeting a definite programme of publicity.